Md. Code, Financial Institutions § 10-120
This is the official text of Md. Code, Financial Institutions § 10-120, part of Maryland’s Code, Financial Institutions — regulates banks and lenders.
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§10–120.
Official statutory text
(a) In addition to any other remedies available at law or equity, the Fund is vested with all claims and rights of the former Maryland Savings–Share Insurance Corporation against any person.
(b) Notwithstanding any other provision of law, in any action of the Fund as insurer, subrogee, conservator, or receiver against a shareholder, director, officer, employee, agent, or other person contributing to a loss at a member association or to enforce the terms of a net worth certificate or similar obligation:
(1) A judgment obtained by the Fund shall have priority over any other judgment lien on a defendant’s real or personal property without need for further perfection or execution thereon;
(2) All attorneys’ fees, costs, and expenses of the Fund for the litigation shall be assessed as part of any judgment in favor of the Fund; and
(3) All money recovered by the Fund as insurer or subrogee shall be first applied to repay any monetary advance by the State to the Fund, including any and all fees, costs, and expenses, to further the purposes of this title. Money so recovered shall be placed in a separate account and shall be transferred as specified under § 10–110.2 of this subtitle. The separate account is not subject to attachment or other judicial process by any person.
(c) All rights, claims, and liabilities of the Fund accrue to any successor entity and, if a successor entity is not created by law, to the Maryland Department of Labor.
(b) Notwithstanding any other provision of law, in any action of the Fund as insurer, subrogee, conservator, or receiver against a shareholder, director, officer, employee, agent, or other person contributing to a loss at a member association or to enforce the terms of a net worth certificate or similar obligation:
(1) A judgment obtained by the Fund shall have priority over any other judgment lien on a defendant’s real or personal property without need for further perfection or execution thereon;
(2) All attorneys’ fees, costs, and expenses of the Fund for the litigation shall be assessed as part of any judgment in favor of the Fund; and
(3) All money recovered by the Fund as insurer or subrogee shall be first applied to repay any monetary advance by the State to the Fund, including any and all fees, costs, and expenses, to further the purposes of this title. Money so recovered shall be placed in a separate account and shall be transferred as specified under § 10–110.2 of this subtitle. The separate account is not subject to attachment or other judicial process by any person.
(c) All rights, claims, and liabilities of the Fund accrue to any successor entity and, if a successor entity is not created by law, to the Maryland Department of Labor.
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